Lightning Docs Updates 1.9.26

We have issued an update to the system that modified the following:

• Kentucky Fair Housing Brochure: We have added a new state specific form for the state of Kentucky. The Kentucky Fair Housing Brochure will be included if the following conditions are true:
  • The property state is located in the state of Kentucky
    AND
  • The “Is this a purchase money loan?” question is answered ‘YES’.
  
  The brochure will appear in the Loan Document list of the Lender’s Closing instructions and users will be able to download it as a separate PDF file in Lightning Docs.
• Update to Key Provisions Summary for Variable Rates: We have added to the summary of variable rate terms in the Key Provisions Summary. If you opt to include a variable rate loan, the Key Provisions Summary will now identify the following variable rate terms, as applicable:
  • Index
  • Margin
  • Months Before First Payment Change
  • Months Between Change Dates
  • Maximum Increase 1st Adjustment
  • Maximum Increase after 1st Adjustment
  • Floor Rate
  • Lifetime Maximum Interest Rate
• Discontinued: Estimated Future Payments (Fixed then Variable): We have updated the loan documents (specifically the Key Provisions Summary and Note) to remove estimates of future payments in the following circumstances:
  1. Initial Fixed Rate and interest-only, then becomes variable with payments of principal and interest at some later date
  2. Fixed Rate, with initial interest-only payments that become payments of principal and interest at some later date, and non-Dutch accrual of reserves
  3. Step Rate, but non-Dutch accrual of reserves